MetroIntelligence Economic Update by P. DUFFY
February Case-Shiller Index gain rises to 19.8 percent year-on-year
he S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8% annual gain in February, up from 19.1% in the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.9%.
New home sales fall 8.6 percent in March and 12.6 percent year-on-year
Sales of new single‐family houses in March 2022 were at a seasonally adjusted annual rate of 763,000. This is 8.6 percent below the revised February rate of 835,000 and is 12.6 percent below the March 2021 estimate of 873,000. The seasonally‐adjusted estimate of new houses for sale at the end of March was 407,000. This represents a supply of 6.4 months at the current sales rate.
Pending existing home sales down 1.2 percent in March and 8.2 percent year-on-year
Pending sales of existing homes fell for the fifth consecutive month, down 1.2% in March from February. Pending sales rose in the Northeast and fell in the other three regions. Compared to the prior year, pending sales fell for the tenth consecutive month, by 8.2%, with pending sales down across all regions.